The MSCI India Index trades at a 157% premium over the China gauge on valuations based on forward earnings estimates, just 3 percentage points short of the record reached in October 2022, according to data compiled by Bloomberg.
India-long dubbed the "next China"-has emerged as an investor favourite, powered by its fast economic growth, a growing middle class and rising manufacturing prowess. Its ascent came on the back of a sluggish Chinese market, where problems ranging from rivalry with the US and deflationary pressures led to a third annual decline in the MSCI China gauge.
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